200K-SF Lease Fills Boston Industrial

DEVENS, MA-Precision plastics manufacturer Nypro has taken 205,095 square feet at 112 Barnum Rd. within the Devens Barnum Business Park here. Lease terms were not disclosed; the Nypro lease fills the remainder of the 448,000-square-foot industrial facility that isn't occupied by anchor tenant Saint-Gobain, which manufactures industrial crystals.

“The building's infrastructure, quality construction and design, plus other robust manufacturing amenities, all make 112 Barnum Road the perfect fit for Nypro,” says Michael Hackman, founder and CEO of Hackman Capital Partners, which acquired 112 Barnum in partnership with Calare Properties last year. “We're excited to have the company as a tenant and that they'll be bringing jobs to the community.” Nypro plans to add 165 jobs at its new location.

Nypro was represented in the transaction by Bob Gibson, Ed Jarosz and Rachel Marks from CBRE. The tenant was recently acquired by Jabil Circuit Inc., and makes precision plastic products for customers in the healthcare, packaging and consumer electronics industries.

Evergreen Solar developed 112 Barnum, four miles outside Boston, in 2008. Hackman and Calare acquired it through an affiliated entity in April of last year. The three-way transaction, between Hackman/Calare, Evergreen and MassDevelopment, from whom Evergreen was leasing the land, took about a year to complete due to Evergreen's complicated bankruptcy, real estate and equipment issues.

In addition to the building, Hackman and Calare purchased the land from the state agency and Evergreen's remaining process equipment. The complexity of the acquisition and the challenges overcome to reposition the building won Hackman and Calare the Boston Business Journal's “2013 Deal of the Year Award” in the Industrial/Flex category. Hackman and Calare own, through affiliated entities, 8.8 million square feet in the Northeast, including 4.7 million square feet in Massachusetts.